WTI Price Analysis: Bulls halt upside rally near 23.6% Fibonnaci retracement

• WTI consolidates at higher levels following the previous month's upside rally.
• Bulls battles around the $75.00 mark placed at 23.6% Fibonacci retracement level.
• Momentum oscillator holds onto the positive zone with a bearish crossover.

West Texas Crude Oil (WTI) kicks off a new trading session lower on Monday in the Asian trading hours. After testing YTD high near $75.69,  prices consolidated around $75.00

At the time of writing, WTI is trading at $74.60, down 0.10% for the day.

WTI 4-hour chart

On the 4-hour chart, WTI seems to be exhausted after making a fresh YTD high on Thursday.

If WTI sustained below the intraday low at $74.28, it could move lower toward the 38.6% Fibonacci retracement level,  extends from the low of $71.68, at $74.08.

The Moving Average Convergence Divergence (MACD) indicator holds above the midline with receding bullish momentum, which indicates an impending bearish movement in prices.

Next, the WTI bears could target the $73.60 horizontal support level, followed by the low of July 1 at $73.00.

Alternatively, if prices move higher, it could continue with its prevailing upside trend.

Market participants lookout for the $75.30 horizontal resistance level followed by the October 2018 high at $76.80.

A daily close above the mentioned level would open the doors for the levels last seen in 2014.

WTI additional levels